Press releases

Deloitte's chief economist comments on today's Bank of England interest rate decision

15 December 2022

Commenting on the latest interest rate decision from the Bank of England, Ian Stewart, chief economist at Deloitte, said:

“The Bank of England has probably done about 80% of the monetary tightening it needs to do in this cycle. A major tightening of monetary policy is feeding through the system and will act as an increasing drag on growth in 2023.

“Inflation has likely peaked, yet the labour market remains remarkably strong. But rates are unlikely to peak without clear evidence that the labour market is cooling.”

-Ends-

Notes to editors

About Deloitte

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.
The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk.

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